"Dear Fellow Shareholder, I am pleased to invite you to our 2020 Annual Meeting of Shareholders, which will be held on Wednesday, March 11, 2020, at 10:00 a.m. at the Duke Energy Center for the Performing Arts in Raleigh, North Carolina."
Notably, this would be the first Disney shareholders meeting since Bob Chapek would assume the CEO role (the company's 7th) — although former CEO Bob Iger would still be in attendance as Executive Chairman.
This annual meeting of Disney shareholders took place while half of Disney's resorts worldwide were at least partially closed due to the COVID-19 pandemic — with Tokyo Disneyland extending its closure that morning.
That company's share price was down to the right.
Uncertainty filled the air.
But as they say in Hollywood: "The show must go on."
The shareholder meeting proceeded with optimism for upcoming films and theme park expansions.
Plus, there was a new CEO.
As part of the Q&A session of the meeting, a shareholder asked how excited Bob Chapek was to be the CEO of Disney.
"I've never been more excited," replied Chapek.
Alex Sherman of CNBC reports on March 10, Chapek, Iger, Chief Financial Officer Christine McCarthy, and a small handful of other Disney executives flew from Los Angeles to Raleigh for the annual meeting.
"At the front of the plane, Iger and Chapek went over logistics and fretting about coronavirus. Iger caught Chapek off guard with some news. Chapek, not Iger, would lead the question-and-answer portion of the meeting, an annual ritual Iger called 'stump the CEO.'"
During his nearly three decades at Disney, Chapek had only attended one annual meeting and only as a guest.
Since Chapek's background at Disney had been in theme parks, consumer products, and distribution, CNBC reports he knew scant details about the inner workings of ABC, ESPN, or the company's movie studio.
Typical for the life of a CEO, the communications and investor relations teams provided a voluminous binder filled with background materials and talking points so Chapek could prep.
As any CEO knows, not all questions can be known and prepped for.
As the new CEO of Disney, Chapek had to be ready to answer questions on any topic - from Disney's sustainability efforts to the future of broadcast news at ABC.
CNBC reports after a couple of hours of general preparation, Chapek retreated to a private area in the back of the plane and closed the door to study. Iger was perplexed and expressed his confusion to McCarthy. He assumed the men would run through possible Q&As throughout the transcontinental flight. Iger walked to the back of the plane to see if Chapek needed help preparing.
"Isn't it all in here?" Chapek asked, holding up the voluminous binder filled with background materials and talking points.
The science, yes, but not the art, Iger suggested.
CNBC reports Chapek prefers to learn by reading and memorizing material — and thought he'd already spent the first hour or two prepping with Iger — said he'd rather stay in the back and study.
The job of the CEO of Disney is arguably the most complex in corporate America.
The Disney CEO must be a studio mogul and spot hit movies, balance theme park pricing that drives attendance, run a global news division, maximize intellectual property throughout the company's divisions, sell consumer goods, tangle with G20 government leaders, understand how sports media rights work, and decide on potential acquisition targets.
I heard Iger tell stories of how he spent over a decade working with the Chinse Communist Party's local leadership to open a theme park in Shanghai and how he sought a photo with Chairman Xi Jinping, not to impress his fancy Brentwood neighbors but to remind people down in Shanghai that he knew the big boss in Shanghai.
No voluminous binder filled with background materials and talking points will explain how to maintain the necessary fortitude to operate in China or the value of a photo with a nation's leader as a critical tool to accomplish something in a foreign market.
Communications is an art and a science.
Most world-class communications happens because you know stuff (the science) and you know how stuff happens (the art).
Communications is starting backward and then working forward.
Communications is starting at the front and then working to the back.
Communications is iteration.
Communications is IQ and EQ.
Communications is Art + Science.
By the way, the CNBC article reports Chapek confided to a friend that his tenure at Disney was "about three years of hell."
So much for Chapek never being more excited about being the CEO of Disney.
Want to make sure your communications is Art + Science?
I am a geostrategist and geopolitical business communications advisor.
I founded Caracal, believing that geopolitics is disrupting every industry and sector and that comms pros need actionable insights and ideas to navigate today's interconnected business environment.
Clients rely on Caracal for help navigating today's interconnected business environment with intelligence, strategy, engagement, and education.
Happy to have a chat if it makes sense.
Enjoy the ride + plan accordingly.
-Marc
